Yes. During heating season, keeping the home cooler for several hours reduces the temperature difference to outdoors and therefore reduces heat loss. The savings depend on climate, the building, and the heating system.
How long the setback lasts matters
Dropping the setpoint for ten minutes changes little; lowering it for hours while sleeping or away can produce a measurable effect.
You do not need an extreme setback
A moderate setback avoids very long recovery periods and preserves comfort and freeze protection. The best setting is practical rather than a universal number.
Heat pumps can need a different strategy
On some systems, a large recovery increase can trigger expensive auxiliary heat. Use a compatible thermostat and follow guidance for your heat-pump type.
Track actual use, not just comfort
Compare weather-adjusted bills or thermostat energy data over several weeks. A single day can be dominated by outdoor conditions.